• Q3 loss of US$6.1m, hit by $22m in charges
  • Sales down 7.3% to $1.2bn
  • US ops suffer, but international business stronger

Retailer Foot Locker slipped to a third quarter loss of US$6.1m, hurt by $22m of impairment charges linked to write-downs of the company's US operations.

A poorer than expected performance in its home US market sent sales down 7.3% to $1.2bn, while comparable store sales fell 8.2%.

Foot Locker said its adjusted third quarter net income was $16m, down from $27m in the same period last year.

For the first nine months of the fiscal year, net income was $25m, or $47m after adjustments, compared to an adjusted figure of $66m last year. Sales were down 10% to $3.53bn, and comps fell 7.6%.

"Our success in reducing expenses and tightly managing inventory helped to offset lower than anticipated sales in our US operations," said Foot Locker president and CEO Ken Hicks.

"The financial results at our international operations were far more encouraging, particularly as we experienced a favourable sales trend improvement in Europe as we progressed through the quarter, and continuing sales gains in the Asia Pacific region."

Click here to view Foot Locker's full third quarter earnings release.